Aug 30, 2022
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Home values have been rising throughout Kansas and are up 11.7% from a year ago. According to Zillow’s Home Value Index (ZHVI), the typical value of a single-family home in Kansas is currently $207,207.
Mortgages in Kansas
To help first-time and repeat homebuyers in Kansas, the Kansas Housing Resources Corporation (KHRC) and the Kansas Housing Assistance Program (KHAP) offer down payment and closing cost assistance programs through their approved mortgage lenders.
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First Time Homebuyer Program
KHRC’s First Time Homebuyer Program allows homebuyers to apply for a 0% interest loan for 15% or 20% of the purchase price of their home.
This is a forgivable loan: After 10 years, if the homebuyer is still in the home, the loan will be forgiven. The subsidy must be used for down payment and closing costs.
There’s no credit score requirement for this program, but you must be able to secure a mortgage with an interest rate in line with the current market through one of KHRC’s approved lenders. To get a list of qualified lenders in your area, the KHRC suggests you get in contact with its staff through its website.
Homes in Topeka, Lawrence, Wichita, Kansas City and Johnson County aren’t eligible for the First Time Homebuyer Program because those counties administer their own homeownership assistance programs.
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More: Use these savings accounts to build up your down payment.
Kansas Housing Assistance Program
KHAP is a statewide program for homebuyers, offering a 30-year fixed-rate mortgage with up to a 5% grant to help with down payment and closing costs. It’s co-sponsored by Sedgwick and Shawnee counties.
To qualify, you’ll need a 640 credit score for conventional, USDA and VA loans and a score of 660 for an FHA loan. You’ll also have to fall under the income and purchase price limits.
The terms apply for the purchase of single-family homes, townhouses, condominiums and duplexes (provided one unit is owner-occupied).
If you meet those requirements, you’ll work with an approved lender to apply for assistance.
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Sigrid is a senior associate editor on the Moneywise team, where she has also worked as a reporter and staff writer.
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